Korea to eliminate paper receipts with NFC

Telecoms research institute ETRI has established a standard way for Korean merchants to deliver receipts to NFC mobile phones, allowing stores to cut out the need to print paper sales slips.

ETRI: NFC receipts will reduce waste and fraud

ETRI, the Korean Electronics and Telecommunications Research Institute, in collaboration with mobile network operators KT and SK Telecom and payments network BC Card, has created a standard way for merchants to deliver receipts to NFC mobile phones, eliminating the need to print paper sales slips for customers equipped with NFC handsets.

With the new “smart receipts”, shoppers will touch their NFC phone to the merchant’s point of sale to make a payment and simultaneously receive a digital receipt for their purchase. Advantages include reducing costs, cutting waste and increasing security by removing the printing of personal information which could then be obtained by fraudsters, says ETRI. It will also be possible for merchants to use the new smart receipt technology to provide value added services to customers, the institute adds.

The smart receipt technology will be usable by all types of receipt issuers, says ETRI, including for payments by credit, debit and prepaid cards in stores and at kiosks, loyalty card points notifications and a range of other services.